Portland-based CashStar, a digital gift card company, has announced $12 million in new funding to support growth in its retail operations.
The round of financing was led by equity firm FTV Capital of San Francisco and New York, and included existing investors Steven Boal, president and CEO of Coupons.com, and Passport Capital, according to a press release. The funding will be used to grow CashStar's retail brand network. The company has partnered with more than 200 retailers, including Starbucks, Gap, Best Buy, Williams-Sonoma, The Home Depot and Staples, which use CashStar to integrate digital gift offerings into their marketing strategies.
"We know from the recent RSR Research report and other data that consumers and businesses crave more personal and convenient ways to send digital gifts," said David Stone, CEO of CashStar, in the release.